Then Venture has been sharply lower all week and today is currently off 42 points. That is a big down move for an index that trades with a 2-handle. It is not a major issue since the index has run up so much in the last 6 months or so, but in this environment there is no surprise my PF is a sea of red. I am just pissed off that most of my stink bids have not hit yet. I think we have a ways further to fall and this will wash some of the new hot money out of the sector before the bottom is found, unless the metals stage a reversal here.

Even the energy stocks are lower today and have not priced in the big upside move for oil. So this is a commodity wave lower and not specific to mining stocks.

Keep in mind that the majority of trading now comes from hedge funds and program traders. When these guys decide to play a certain trade the market goes that way, no matter what the little guys do. If the big money fades commodity stocks then just hold on and ride it out. When they take the spreads off it will another rhomp to the upside and paper trades do not create real oil, gold, or wheat. In time the market will come back into line and the uptrend will resume.

cheers!

mike